MAR VISTA AND BEVERLY HILLS, CALIF. — Newmark Realty Capital has arranged two separate refinancing loans for a Beverly Hills-based developer for two retail properties in Mar Vista and Beverly Hills totaling $21.9 million. George Mitsanas and Doug Tisdale of Newmark secured an $8.6 million loan for a 38,665-square-foot Whole Foods Market in Mar Vista and a $13.3 million loan for a 25,496-square-foot, four-building retail portfolio in Beverly Hills. The 15-year loans, which feature 30-year amortization schedules, were placed with one of Newmark’s correspondent life insurance company lenders.
EDINA, MINN. — CBRE has arranged a $56 million loan for the refinancing of 71 France Apartments in Edina, a southwest suburb of Minneapolis. The mixed-use property consists of 241 luxury apartment units and 21,000 square feet of street-level retail space. The property was completed in the second quarter of 2016 and the residential portion is now 95 percent leased. Northwestern Mutual Life Insurance Co. provided the 10-year loan. Joel Torborg of CBRE arranged the transaction on behalf of the borrowers, IRET and Schafer Richardson.
INDIANAPOLIS — Pillar has originated a $4.5 million Freddie Mac loan for the refinancing of 9000 Westfield Apartments in Indianapolis. Originally built in 1972, the multifamily property is located just inside the I-465 beltway circling Indianapolis. The property consists of 98 garden-style units and was 95 percent occupied at the time the deal closed. The fixed-rate, 10-year loan includes a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a family-owned commercial real estate investment group. Mike Dury of PR Mortgage arranged the transaction.
DALLAS AND HOUSTON — Berkeley Partners has refinanced its five-property industrial portfolio in the metro Dallas area and Houston totaling 440,473 square feet. Jeff Sause, Kevin Mackenzie and Adam Herrin of HFF placed the $14.1 million, five-year, fixed-rate loan with LegacyTexas Bank on behalf of Berkeley Partners. The portfolio comprises 13 buildings at five properties in Beltwood Tech Center in Farmers Branch; Center Point Business Park in Mesquite; Glenville Business Center in Richardson; and Valpointe Business Park in Carrolton; and Cypress II Building Center in Houston. The multi-tenant properties are leased to companies such as Turn Around Communications, Security Control System, Arsham Gymnastics, Texas Metals Industrials, Murray Drywall and InterFET Corp.
IRVING, TEXAS — Dougherty Mortgage has closed a $3.8 million Fannie Mae loan for the refinancing for Woodwind Apartment Homes, a 64-unit multifamily property located in the Dallas suburb Irving. The 10-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va., office for the borrower, DCP 3947 Pleasant Run Road LLC.
BEVERLY HILLS, CALIF. — Beverly Hills-based Sonnenblick-Eichner Co. has arranged $92 million in first mortgage debt to refinance a portfolio of four hotels totaling 592 rooms. The financing consists of four separate non-recourse, non-cross collateralized loans from three different lenders. Sonnenblick-Eichner Co. was able to arrange for a money center commercial bank to provide 10-year, fixed-rate financing on each of the Hyatt House properties and LIBOR-based floating rate financing from two regional banks for the remaining properties. The properties are the 147-room Hyatt House Philadelphia/King of Prussia in King of Prussia, Pa., the 126-room Hilton Garden Inn Albany/SUNY in Albany, N.Y., the 171-room Archer Hotel in Austin, Texas, and the 148-room Hyatt House Falls Church/Merrifield in Falls Church, Va.
HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.
DALLAS — Virtua Partners has completed the $18 million recapitalization of Midtown Atrium, an office complex located in the northern submarket of Dallas. Virtua assisted the tenant-in-common investors with an extension of the current senior loan and a $2 million investment in preferred equity. The new capital is being used to fund tenant improvements, leasing commissions and property upgrades at the 113,359-square-foot building. Versant Commercial Brokerage, an affiliate of Virtua, assisted in placing the new preferred equity. Virtua Partners provided the loan guarantees and stepped in as the new sponsor. Clear Vista Management, also an affiliate of Virtua, will provide asset management services for the new financing package.
NORTH NEW JERSEY — Hartz Mountain Industries has received $162 million in financing for a 13-building industrial portfolio in North New Jersey totaling 2.67 million square feet. Thomas Didio and Connor Milanaik of HFF arranged the 10-year, fixed-rate loan through Hartford Investment Management Co. for the borrower. The 98 percent-leased buildings are located in Secaucus, Whippany, East Hanover, Bayonne, Harsbrouck Heights, Harrison and North Bergen. Additionally, the portfolio includes one speculative industrial building that is currently under construction in Linden. The portfolio includes 6 percent office space.
HARTFORD, CONN. — Thorofare Capital has secured a $40 million floating-rate commercial mortgage for the acquisition of an office building in Hartford. Proceeds of the loan will also be used for tenant improvements and leasing commissions at the 283,640-square-foot building. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the financing for the undisclosed borrower.